Oil prices decreased on Friday morning after a missile launch by North Korea, with Brent <LCOc1> trading lower by 0.58% from the previous settle at $55.15/bbl as of 9:30 AM UKT. WTI <CLc1>, which had slipped by 30 cents from the settle, trading at $49.59/bbl at the same time.
The PJK reported a 363,000 mt decrease in total oil product stocks stored in the ARA-hub to 5.6 million mt in the week ending 8th September. Gasoil stocks, which include diesel and heating oil, declined last week, down by 106,000 mt to 2.6 million mt, on increased diesel shipments to the US because of the disruptions in the US Gulf Coast refining hub, prompting traders to ship more oil products across the Atlantic to fill in supply shortages.
Gasoline stocks were marginally lower by 42,000 mt, standing at 833,000 mt, remaining close to year’s low levels seen at July. Fuel oil stocks decreased for the first time after four consecutive weeks of increases, currently standing at 1.26 million mt reduced by 221,000 mt.
Additionally, several traders reported that Venezuela stopped accepting US dollar for oil payments switching all of its invoices to Euros, feared an escalation of the imposed financial sanctions that Trump administration signed on 25th August.
The Oil Research Team
Supply Chain & Commodities Research